Ciena Corporation $CIEN Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC boosted its holdings in Ciena Corporation (NYSE:CIEN) by 5.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,687,437 shares of the communications equipment provider’s stock after purchasing an additional 145,948 shares during the quarter. Geode Capital Management LLC’s holdings in Ciena were worth $627,567,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB increased its stake in Ciena by 9.7% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider’s stock worth $166,000 after acquiring an additional 63 shares during the last quarter. Assetmark Inc. increased its stake in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after acquiring an additional 67 shares during the last quarter. IFP Advisors Inc grew its stake in shares of Ciena by 6.9% in the fourth quarter. IFP Advisors Inc now owns 1,055 shares of the communications equipment provider’s stock valued at $247,000 after buying an additional 68 shares in the last quarter. Legacy Financial Advisors Inc. grew its stake in shares of Ciena by 5.4% in the fourth quarter. Legacy Financial Advisors Inc. now owns 1,549 shares of the communications equipment provider’s stock valued at $362,000 after buying an additional 79 shares in the last quarter. Finally, Coldstream Capital Management Inc. grew its stake in shares of Ciena by 1.7% in the third quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider’s stock valued at $695,000 after buying an additional 79 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Stock Performance

Shares of NYSE CIEN opened at $580.59 on Friday. The stock has a market capitalization of $82.09 billion, a price-to-earnings ratio of 369.80, a PEG ratio of 1.90 and a beta of 1.24. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $605.61. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The stock’s fifty day simple moving average is $500.69 and its 200 day simple moving average is $341.74.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.18. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The business’s revenue for the quarter was up 33.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.64 earnings per share. As a group, sell-side analysts forecast that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CIEN has been the topic of several analyst reports. Raymond James Financial restated an “outperform” rating and issued a $320.00 target price on shares of Ciena in a research report on Thursday, March 5th. TD Cowen lifted their price target on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. JPMorgan Chase & Co. lifted their price target on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Needham & Company LLC lifted their price target on Ciena from $280.00 to $370.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Finally, Morgan Stanley lifted their price target on Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $406.61.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of the sale, the senior vice president owned 68 shares of the company’s stock, valued at $27,866.40. The trade was a 99.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at $25,074,931.65. This represents a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 44,174 shares of company stock valued at $18,878,661 over the last quarter. Insiders own 0.58% of the company’s stock.

Ciena Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.